Lets just get the law out of the way.  My question will be in the next post

updated 7/13/2005 Virginia - 18.2-308. Personal protection; carrying concealed weapons; when lawful to carry. A. If any person carries about his person, hidden from common observation, (i) any pistol, revolver, or other weapon designed or intended to propel a missile of any kind by action of an explosion of any combustible material; (ii) any dirk, bowie knife, switchblade knife, ballistic knife, machete, razor, slingshot, spring stick, metal knucks, or blackjack; (iii) any flailing instrument consisting of two or more rigid parts connected in such a manner as to allow them to swing freely, which may be known as a nun chahka, nun chuck, nunchaku, shuriken, or fighting chain; (iv) any disc, of whatever configuration, having at least two points or pointed blades which is designed to be thrown or propelled and which may be known as a throwing star or oriental dart; or (v) any weapon of like kind as those enumerated in this subsection, he shall be guilty of a Class 1 misdemeanor. A second violation of this section or a conviction under this section subsequent to any conviction under any substantially similar ordinance of any county, city, or town shall be punishable as a Class 6 felony, and a third or subsequent such violation shall be punishable as a Class 5 felony. For the purpose of this section, a weapon shall be deemed to be hidden from common observation when it is observable but is of such deceptive appearance as to disguise the weapon's true nature. B. This section shall not apply to any person while in his own place of abode or the curtilage thereof. Except as provided in subsection J1, this section shall not apply to: 1. Any person while in his own place of business; 2. Any law-enforcement officer, wherever such law-enforcement officer may travel in the Commonwealth; 3. Any regularly enrolled member of a target shooting organization who is at, or going to or from, an established shooting range, provided that the weapons are unloaded and securely wrapped while being transported; 4. Any regularly enrolled member of a weapons collecting organization who is at, or going to or from, a bona fide weapons exhibition, provided that the weapons are unloaded and securely wrapped while being transported; 5. Any person carrying such weapons between his place of abode and a place of purchase or repair, provided the weapons are unloaded and securely wrapped while being transported; 6. Any person actually engaged in lawful hunting, as authorized by the Board of Game and Inland Fisheries, under inclement weather conditions necessitating temporary protection of his firearm from those conditions, provided that possession of a handgun while engaged in lawful hunting shall not be construed as hunting with a handgun if the person hunting is carrying a valid concealed handgun permit; and 7. [listed public officials] N. As used in this article: "Ballistic knife" means any knife with a detachable blade that is propelled by a spring-operated mechanism. "Spring stick" means a spring-loaded metal stick activated by pushing a button which rapidly and forcefully telescopes the weapon to several times its original length. * § 18.2-308.1. Possession of firearm, stun weapon, or other weapon on school property prohibited. A. If any person possesses any (i) stun weapon or taser as defined in this section; (ii) knife, except a pocket knife having a folding metal blade of less than three inches; or (iii) weapon, including a weapon of like kind, designated in subsection A of § 18.2-308, other than a firearm; upon (a) the property of any public, private or religious elementary, middle or high school, including buildings and grounds; (b) that portion of any property open to the public and then exclusively used for school-sponsored functions or extracurricular activities while such functions or activities are taking place; or (c) any school bus owned or operated by any such school, he shall be guilty of a Class 1 misdemeanor... The exemptions set out in § 18.2-308 shall apply, mutatis mutandis, to the provisions of this section. The provisions of this section shall not apply to (i) persons who possess such weapon or weapons as a part of the school's curriculum or activities; (ii) a person possessing a knife customarily used for food preparation or service and using it for such purpose; (iii) persons who possess such weapon or weapons as a part of any program sponsored or facilitated by either the school or any organization authorized by the school to conduct its programs either on or off the school premises; (iv) any law-enforcement officer; (v) any person who possesses a knife or blade which he uses customarily in his trade; (vi) a person who possesses an unloaded firearm that is in a closed container, or a knife having a metal blade, in or upon a motor vehicle, or an unloaded shotgun or rifle in a firearms rack in or upon a motor vehicle; or (vii) a person who has a valid concealed handgun permit and possesses a concealed handgun while in a motor vehicle in a parking lot, traffic circle, or other means of vehicular ingress or egress to the school. For the purposes of this paragraph, "weapon" includes a knife having a metal blade of three inches or longer and "closed container" includes a locked vehicle trunk. * § 18.2-309. Furnishing certain weapons to minors; penalty. A. If any person sells, barters, gives or furnishes, or causes to be sold, bartered, given or furnished, to any minor a dirk, switchblade knife or bowie knife, having good cause to believe him to be a minor, such person shall be guilty of a Class 1 misdemeanor. * - § 18.2-311. Prohibiting the selling or having in possession blackjacks, etc. If any person sells or barters, or exhibits for sale or for barter, or gives or furnishes, or causes to be sold, bartered, given or furnished, or has in his possession, or under his control, with the intent of selling, bartering, giving or furnishing, any blackjack, brass or metal knucks, any disc of whatever configuration having at least two points or pointed blades which is designed to be thrown or propelled and which may be known as a throwing star or oriental dart, switchblade knife, ballistic knife, or like weapons, such person shall be guilty of a Class 4 misdemeanor. The having in one's possession of any such weapon shall be prima facie evidence, except in the case of a conservator of the peace, of his intent to sell, barter, give or furnish the same.

I carry with me at all times a Benchmade Mini-Ambush. 3" folder.

I typlicaly carry it by use of the clip, placing the knife inside my pocket, with the clip on the outside of my pocket.  Making 90% of the knive not visable.  The clip is visable, and the very top of the knife is visable.

I have a Concealed Handgun Permit, but that does not apply to the knife.

I am wondering about the wording of the law. "blade of less than three inches".
My blade is 3".  Not less than 3".
Is that a problem?
Is there any problem with the way I carry it?  Open vs concealed?  If that even matters, is the way I cary it considered open or concealed?

Well the 3" length applies to school property only.  I have heard that case law more or less applies to knife length and that <4" is considered legal.  This question though is a reason I think we need to make a push to return the CHP back into a CWP and carry anything we choose for selfdefense.

Any folding knife that is not specifically designated as being legally forbidden is by logic legal. Any object used to cause injury or death to an individual may be construed by the court as a dangerous or deadly instrument (a shovel for example).

except a pocket knife having a folding metal blade of less than three inches; or (iii) weapon, including a weapon of like kind, designated in subsection A of § 18.2-308, other than a firearm; upon (a) the property of any public, private or religious elementary, middle or high school, including buildings and grounds; (b) that portion of any property open to the public and then exclusively used for school-sponsored functions or extracurricular activities while such functions or activities are taking place; or (c) any school bus owned or operated by any such school, he shall be guilty of a Class 1 misdemeanor

As long as you don't carry on school property or where school activities take place, you should be ok as long as you don't attack anyone with it.

p.s. IANAL although my mother seemed to think I should be one.

You would have to screw up real bad to get jacked up for that one on school property.